Forex trading headlines from the European morning session 25 July

News:

Data:

In a session in which we expected the pound to be the centre of attention we’ve instead seen the greenback grab some glory while the kiwi and euro take another knock

USDJPY got off to a solid start as the Nikkei staged a solid rally into the close and from 101.72 we were challenging the offers at 101.85 again before finally chewing through to post highs of 101.94 before running out of oxygen and falling back to 101.84

USD-positive sentiment also saw USDCHF break 0.9040 from 0.9027 but it too ran out of puff in trying to take more offers out at 0.9050 and has since returned to 0.9033 as I type

EURUSD came under attack as the German IFO data disappointed and we saw moves to 1.3441 eventually from 1.3473 openings which also saw EURJPY down to 136.97 from 137.25 and EURGBP down to 0.7913

GBPUSD traded tightly around 1.6990 but then drifted off to 1.6970 prior to the GDP release and then a little bounce to 1.6992 on the expected number before then drifting off again to 1.6961 only to run into a few buyers and bounce back to 1.6982

NZDUSD didn’t need much of an excuse to drift lower again but the USD’s generally bid tone gave it some further impetus and we’ve been down to 0.8540 from 0.8570 which has given a few bids to AUDNZD enabling AUDUSD to hold above 0.9400 but not make any further advance. USDCAD has seen a small drift off to 1.0755 from 1.0769 with offers starting at 1.0770 proving a step too far.

A lively enough session then to provide some good intra-day opportunity and we shall hope it continues with US durable goods coming up to add some impact.